Unit-3 Basic Accounting Terms and Concepts

This unit explains some of the terms which are commonly used in accounting and also the basic concepts underlying the accounting system.

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Present the following in the form of an Accounting Equation.

Machinery Rs. 20,000

Cash Rs. 5,000

Capital Rs. 20,000

Creditors Rs. 5,000 

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Learning Pundits Content Team

Written on Apr 17, 2019 3:30:50 PM

Capital+ Liabilities = Assets

Capital Rs. 20,000 + Creditors Rs. 5,000 = Machinery Rs. 20,000 + Cash Rs. 5,000